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Personal Finance Tip:Don't let your
money sit idle. Once you start to accumulate money, make
sure it is going into an account that pays competitive interest. As
soon as you can, move some of it into higher-yielding vehicles like
certificates
of deposit.

Network, network, network
Our discussion stressed the importance of networking. Hampton notes that your résumé isn’t your primary tool in landing a job; it’s a supporting document. You want to sell yourself by other methods and use your résumé as evidence that what you say is true.

One of the best ways to find a job is to use your network of business and professional contacts. Don’t just go out and say “what can you do for me”, though. Instead, ask questions. Ask for specific favors. And be willing to reciprocate when you are in a position of power. Support networks can also be useful. When you’re out of work, lean on your family and friends. Let them give you advice.

Finally, we discussed the rising importance of social media and social network. Hampton agrees that sites like LinkedIn and Twitter can be useful, but he also warns that they can harm as much as they hurt. Maintain your online reputation.

I thought our conversation was fascinating. We covered a lot of topics, including the hidden job market, the importance of the informational interview, and how employers are now using credit reports to qualify applicants. And for some reason, we talked about Rocky. Twice.

The Personal Finance HourJim and I host The Personal Finance Hour nearly every Monday at 3pm Pacific (6pm Eastern). For the next week, our conversation with Michael Hampton will be available via this widget (after that it will be replaced by the next episode):

You can always find this show (and other episodes from the archive) by following this link, which will open in iTunes. Finally, please note that every week Brain from My Next Buck takes the time and effort to create detailed show summaries, which you can find at personalfinancehour.com.

Money Answers
Earlier today, I was the guest on Jordan Goodman’s Money Answers show. Like The Personal Finance Hour, The Money Answers Show is a live internet-only broadcast. I spoke with Goodman about my financial history, about the development of Get Rich Slowly, and about my advice for people who find themselves in financial trouble.

Goodman was formerly on the staff of Money magazine. He now writes personal-finance books and hosts the site MoneyAnswers.com.

If you are in an industry that lends itself well to temporary, contract-based work, that can be a great way to network, especially if you are young and/or new to an area. Accepting a full-time position when you are walking in “blind” can be a big risk. But you can temp your way into a full-time position and know what you are getting into beforehand. If you take a temporary assignment and end up working for a raging godzilla, or a micromanager, or if you find yourself sitting around all day doing busywork that you have to stretch to fill the hours, you aren’t stuck there forever, and you know in advance that it’s not a place where you want to make a longer-term commitment. Don’t take a full-time position unless you know the manager and your teammates are people you want to keep working with. And make sure you stay on a learning curve. The best investment you will ever make is in the tools in your toolbox.

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